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Speaker 1: Broadcasting live to New York, Bloomberg to Washington, d C,

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Speaker 1: bloom to Boston, Bloomberg twelve hundreds to San Francisco, Bloomberg

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Speaker 1: to the Country, Channel one, and around the globe. The

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Speaker 1: Bloomberg Radio Plus happened. Bloomberg dot Com. This is Bloomberg Surveillance.

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Speaker 1: Good morning. It is seven thirty on Wall Street Time.

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Speaker 1: Michael McKee along with Tom Keene. Lot going on in

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Speaker 1: the markets today, A little bit of company news. Most

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Speaker 1: of it is a fear trade out there and what's

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Speaker 1: going on with Brexit and global economies. But Japanese Line

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Speaker 1: Corporation they're going to go public in July and Mayking

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Speaker 1: official what we had already reported. They want to raise

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Speaker 1: as much as a billion dollars. They're gonna sell shares

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Speaker 1: in the US and in Japan. UniCredit UH their board

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Speaker 1: of directors met late last night discussed the type of

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Speaker 1: manager they want to succeed the chief executive officer, Frederico.

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Speaker 1: He's only is leaving. They say the process may take weeks.

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Speaker 1: Jack ma over in China his Aunti Financial Holding Group,

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Speaker 1: his financial affiliate by a stake in Shanghai Suntime Information Technology.

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Speaker 1: They provide data tracking Chinese hedge funds. Be interesting to

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Speaker 1: see what he does with that. Now, let's check in

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Speaker 1: with Bob Boon and get the latest world and national headlines. Bob,

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Speaker 1: good morning. The White House is giving the U. S

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Speaker 1: Military to go ahead to conduct air strikes on the

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Speaker 1: Afghan Taliban if need be. Senior US and defense officials

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Speaker 1: say the decision was made in recent days as Afghans

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Speaker 1: continue to struggle with a resurgent Taliban. There are signs

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Speaker 1: everywhere of Democratic Party unification behind presumptive presidential nominee Hillary Clinton,

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Speaker 1: from the endorsement by President Barack Obama to a subdued

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Speaker 1: Bernie Sanders talking about meeting with his former rival to

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Speaker 1: discuss ways to be Republican Donald Trump. Clinton also got

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Speaker 1: the endorsement last night of outspoken Senator Elizabeth Warren, the

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Speaker 1: loan holdout among Democratic women in the Senate. A huge

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Speaker 1: procession will let's scort the body of Muhammad Ali around

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Speaker 1: the landmarks of his of his life in his hometown

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Speaker 1: of Louisville, Kentucky. Today. It will include his boyhood home,

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Speaker 1: the boulevard that bears his name, and the museum that

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Speaker 1: stands as a lasting tribute to his boxing triumphs and

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Speaker 1: his humanitarian causes. Thousands are expected to lie in the

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Speaker 1: parade route and crown the city's biggest arena for a memorial.

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Speaker 1: And that is the latest in world and national news. Michael, Hey,

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Speaker 1: you bab time now for the Landrover Percipity Bloomberg NBC

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Speaker 1: Sports Update with Rob Bushka. Hey, good morning, Mike. Look

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Speaker 1: who was back at five at your New York Yankees

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Speaker 1: After an oppressive four game sweep at the Angels at

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Speaker 1: the Stadium, Carlos Beltrock did not go yard unlike the

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Speaker 1: first three games. He did serve up his thoughts on

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Speaker 1: what's been a great week. I think we played good

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Speaker 1: baseball this serious in Uh happy to be able to

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Speaker 1: start the homestand in an a positive note. And uh,

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Speaker 1: you know, we us need to continue to in a

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Speaker 1: way to continue to play the same we we've been doing.

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Speaker 1: Uh we're piecing good, we're playing good defense, we're hitting well,

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Speaker 1: so we need to continue to stay with the same plan.

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Speaker 1: Beltron went one for three and he drove in a

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Speaker 1: pair in the sixth three win homestand continues tonight the

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Speaker 1: Tigers pay a visit. Former met Mike Pelfrey is on

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Speaker 1: the bump opposite of C. C. Sabathia. Yankees will try

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Speaker 1: and pick up some ground on Baltimore. They're gonna be

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Speaker 1: without Manny Machadod, their star, who was suspended four games

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Speaker 1: for his role in a brawl versus Kansas City this week. Mets,

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Speaker 1: they get started off on the right foot in Milwaukee.

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Speaker 1: This sounds familiar. We're gonna drive in the air to

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Speaker 1: deep right. Flor's back onto the track. God a home run.

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Speaker 1: For the fortieth time in his major league career, Curtis

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Speaker 1: Grantison has let off a game with a home run.

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Speaker 1: It is the sixteenth time he's done that as a

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Speaker 1: New York Met. Mets Radio on the call, bar Tolo

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Speaker 1: Cologne earning his fifth win. Mets beat the Brewers five

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Speaker 1: to two. They picked up a game on the Nationals

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Speaker 1: as well too. They're now just two and a half

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Speaker 1: games back and the Sharks, they forced game six back

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Speaker 1: in San Jose with a four were to win in

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Speaker 1: Pittsburgh in the Stanley Cup. That's your NBC Bloomberg Sports Update, Mike,

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Speaker 1: and you can bet Rob we're going to be talking

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Speaker 1: about that Shark's game with Penguins fan Tom Keen sometime

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Speaker 1: during the morning. Here we'll catch him unawares at some point.

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Speaker 1: This is Bloomberg surveillance. Michael McKee along with Tom Keene,

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Speaker 1: he of the Penguins Shiva. This morning, SMP futures are

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Speaker 1: down by twelve points right now, six tenths of eight

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Speaker 1: percent down. Futures are half a percent off. That's ninety points.

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Speaker 1: Everybody is watching what's happening in the bond market and

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Speaker 1: the stock markets selling office bonds rise, The two year

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Speaker 1: note yield at seventy six basis points, the ten year

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Speaker 1: falls to one point six six. We don't well, we'll

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Speaker 1: talk in a few moments. Others say, we don't want

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Speaker 1: to talk about well, we will talk about what's going

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Speaker 1: on in European yields in just a moment. But first,

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Speaker 1: The Bloomberg n j I T STEM Report brought to

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Speaker 1: you by the New Jersey Institute of Technology, investing more

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Speaker 1: than a hundred and ten million dollars a year into

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Speaker 1: applied research to solve problems and improve life. Learn more

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Speaker 1: at Stories of Innovation dot m G I T dot

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Speaker 1: E d U. Here's good morning again, and this is

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Speaker 1: what's making news in science, technology, engineering, and math. Scientists

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Speaker 1: have found a way, a quick way, though not a

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Speaker 1: cheap one, to turn heat trapping carbon dioxide gas into

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Speaker 1: harmless rock. Experts say the results of a two year,

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Speaker 1: ten million dollar experiment called carbon Fix, conducted about one

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Speaker 1: third of a mile deep in the rocks of Iceland,

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Speaker 1: offer new hope for an effective weapon to help fight

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Speaker 1: man make global warming. When an international team of scientists

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Speaker 1: pumped a carbon dioxide and water mix into underground basalt rocks,

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Speaker 1: basic chemistry took over the acidic mixture, dissolved the rocks

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Speaker 1: calcium magnesium, and formed limestone, a permanent natural jail for

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Speaker 1: the heat trapping gas. The success of Elon Musk's rock

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Speaker 1: adventure SpaceX has given Europe's space industry a kick in

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Speaker 1: the paths. Since April, there have been three flawless landings

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Speaker 1: on the first stage of the Space Explorer Asian Technologies

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Speaker 1: Falcon nine rocket on a drone barge in the Atlantic Ocean,

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Speaker 1: and Mousque announced this week that he plans to start

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Speaker 1: reusing rockets as soon as September. The problem for Europe

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Speaker 1: is that while SpaceX is already testing it's reusable rockets

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Speaker 1: and slashing prices, a reusable area on six is just

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Speaker 1: to glimmer in the eyes of scientists, and even the

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Speaker 1: non usable, non reusable that is Area in six may

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Speaker 1: not be ready until more than just European pride is

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Speaker 1: at stake. The space industry there represents thirty eight thousand jobs,

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Speaker 1: and that is this morning's Bloomberg n j I T

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Speaker 1: Stem report. Michael, thank you, Bob Well. It is kind

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Speaker 1: of a crazy world out there. This morning we mentioned

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Speaker 1: that the U S tenure note yield is at one

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Speaker 1: point six six this morning. Over in Europe, the German

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Speaker 1: ten year is at three basis points. That's Germany ten years.

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Speaker 1: Three basis points is the yield you're gonna get. And

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Speaker 1: of course Commerce Bank said yesterday they're probably gonna go

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Speaker 1: to zero. Over in Japan, a ten year no yield

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Speaker 1: is now at negative seventeen basis points. It's a crazy,

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Speaker 1: crazy world, and it appears that everybody is getting into

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Speaker 1: one trade. How worried should we be? Jane Folly is

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Speaker 1: a senior for an exchange strategist at Ravel Bank in London.

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Speaker 1: She joins US now and Jane. Each country has reasons,

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Speaker 1: individual idiosancratic reasons why you might want to be buying

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Speaker 1: bonds and find some safety. The US has the overriding

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Speaker 1: um benefit or problem of being the haven for everyone.

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Speaker 1: But how worried should we be about what's going on?

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Speaker 1: Is this something that's going to disappear on June when

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Speaker 1: the Brexit vote is over, or on July sixth one,

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Speaker 1: or when we see the next jobs report um or

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Speaker 1: is this a sign of a new leg down in

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Speaker 1: global economic thinking? Well, I do think that we do

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Speaker 1: have these residual concerns about the place of world gers

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Speaker 1: there there, and they haven't gone away, and they keep

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Speaker 1: the failing to go away. In fact, cost we had

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Speaker 1: the World Bank rising down its forecast again. But I

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Speaker 1: do think doing the twenty fourth is going to be

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Speaker 1: a really important day. That, of course, is the day

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Speaker 1: after the UK's referendum on EU membership. And I say

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Speaker 1: that because irrespective of the economic impact on the UK economy,

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Speaker 1: if we do have a Brexit, there is Europe. And

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Speaker 1: what we have in Europe right now is a lot

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Speaker 1: of cracks already. In fact, some surveys are showing that

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Speaker 1: the French are more anti EU now than the British,

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Speaker 1: so there is a lot of anti EU sentiment. There

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Speaker 1: is the possibility that a brexit, or even just a

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Speaker 1: close phote in favor of remaining from the UK, could

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Speaker 1: really highlight some of these cracks. And indeed there could

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Speaker 1: be other referendum that cannot be ruled out. So there

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Speaker 1: are cracks in the EU. A brexit could certainly highlight that.

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Speaker 1: And therefore the real legacy perhaps of our brexit is

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Speaker 1: not it's impact on the UK, but it's impact on Europe.

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Speaker 1: And if we did see more crack fare well, we

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Speaker 1: would have flower growth in Europe, even slower growth in Europe, perhaps,

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Speaker 1: I should say, And that is a big worry for

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Speaker 1: the world economy. Well, do we have a conviction trade

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Speaker 1: at this point and that sort of worry or is

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Speaker 1: it just let's stash our cash in bonds until we

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Speaker 1: figure out what the heck is going on. I think

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Speaker 1: that's exactly what's happening. I mean you mentioned that the bungeield.

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Speaker 1: I mean that is for Europe, the safe haven and

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Speaker 1: the un course, as you mentioned treasuries. If we look

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Speaker 1: at the currency market, we save same sort of in

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Speaker 1: fact effect, we see the this is frank and the

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Speaker 1: yen over the last twenty four hours a year, and

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Speaker 1: the best performer at the Swiss Frank the next best performer.

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Speaker 1: Those two, of course the the usual candidates in terms

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Speaker 1: of safe haven. So we are seeing the safe haven

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Speaker 1: trade coming out, and I think during the twenty four

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Speaker 1: we did twenty three is the first really big hurdle

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Speaker 1: in terms of risk appetite. After that, of course, we

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Speaker 1: do have other concerns. We've got the U S election

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Speaker 1: later on in the year. We have of course in Europe,

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Speaker 1: We've got we've got Spanish elections at the end of June.

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Speaker 1: We've got maybe some political concerns potentially bubbling up in

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Speaker 1: in Italy too, and so there are a number of

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Speaker 1: concerns further down the road. But certainly that's a big one.

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Speaker 1: So we all just go on vacation for a couple

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Speaker 1: of weeks. Well indeed, I mean even if you look

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Speaker 1: at Sterling, I mean that there we've seen some lumpy

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Speaker 1: movements recently, but does appear that liquidity is running dry.

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Speaker 1: So I think many people are you know, taking up

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Speaker 1: heading themselves, taking up safe having positions and then just

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Speaker 1: going to batten down the hedges perhaps and and wait

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Speaker 1: to see what happens. Well, there you have it. There

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Speaker 1: is the ultimate hedge trade. For the next two or

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Speaker 1: three weeks a ticket to ABISA. Let's sit on the

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Speaker 1: beach and you turn off all of your monitors and

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Speaker 1: you stop worrying about it until you can actually do

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Speaker 1: anything about it. Three basis points, ten years Germany, It's uh,

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Speaker 1: It's a strange, strange world. We'll come back with Jane

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Speaker 1: Foley and talk about whether Thomas Jordan's and the Swiss

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Speaker 1: National Bank have any hope at all going forward. Later

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Speaker 1: in the program, we will get an update on politics.

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Speaker 1: Red Their will join us from Fox News. Did you

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Speaker 1: hear what Mitch McConnell said about Donald Trump last night?

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Speaker 1: You don't want to miss that. Global Business news twenty

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Speaker 1: four hours a day at Bloomberg dot com, the Radio

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Speaker 1: plus mobile app, and on your radio. This is a

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Speaker 1: Bloomberg Business Flash and I'm caring moscown This updates brought

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Speaker 1: to you by c g M, a Chartered Global Management Accountant.

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Speaker 1: The c g M a designation and program deliver critical

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Speaker 1: skills your finance team needs to succeed. Learn more at

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Speaker 1: c g M. A dot org slash Radio US dot

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Speaker 1: index futures are lower amid declines across markets and asset classes.

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Speaker 1: As investors grew cautious following the recent rally to check

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Speaker 1: the markets every fifteen minutes throughout the trading day. On

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Speaker 1: Bloomberg SNP E Many futures down thirteen points, Dow E

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Speaker 1: Many futures down a hundred, naz Documni futures down thirties three.

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Speaker 1: That actually Germany's down to in a quarter percent ten.

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Speaker 1: Your treasury up nine thirty seconds, the yield one point

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Speaker 1: six five percent. Non max screwed oil down one and

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Speaker 1: a half percent or seventy three cents to three of

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Speaker 1: barrel COMEXS goal down to ten percent or two dollars

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Speaker 1: fifty cents to twelve seventy thirty announced the euro A

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Speaker 1: dollar thirteen oh seven, the n one oh six point

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Speaker 1: eight two and Pacific Investment management companies total return to

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Speaker 1: fund increased its holdings of US government and related debt

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Speaker 1: as treasuries surged along with bonds around the world. The

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Speaker 1: total return fund boosted at stake to thirty six point

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Speaker 1: four two percent of assets in May from thirty five

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Speaker 1: point eight six percent in April, according to data on

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Speaker 1: the company's website. As a Bloomberg Business Flash, Tom and

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Speaker 1: Mike Karen, thanks so much, Michael, McKain. Somebody said to me,

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Speaker 1: what's the one thing you look at on your Bloomberg screen?

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Speaker 1: In my answer, with a non correlative mess we're in,

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Speaker 1: is that answer shifts about every seven minutes forty two seconds.

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Speaker 1: It takes you that long. Right now, it's the German

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Speaker 1: two year. I would not have told you that seven

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Speaker 1: minutes were looking at the German tenure, or then it

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Speaker 1: could be the en folks. And what I want to

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Speaker 1: convey is sort of like there's the jobs reporter, there's

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Speaker 1: something going on, sort of everything moves together. That's not

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Speaker 1: the case with what we've seen the last couple of days.

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Speaker 1: It's it's nuanced, is the one word I would use.

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Speaker 1: The tape has actually been pretty constructive the last forty

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Speaker 1: five minutes, given what we've seen the last two or

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Speaker 1: three days. But I could change that in a heartbeat,

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Speaker 1: just over what ticks on my screen. Well, exactly, um

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Speaker 1: and and uh, we're getting more people at work, so

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Speaker 1: volume is rising, which is exactly, but you're one six.

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Speaker 1: We've got a stronger yarro over the last twenty minutes

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Speaker 1: for those keeping score. Yeah, but the currency we want

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Speaker 1: to talk about is the swissy at the moment with

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Speaker 1: Jane Foley, um, senior foreign exchange tragist at at Robbo Banks.

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Speaker 1: Right now we're getting her back. Help me here because

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Speaker 1: I was out doing television, Michael, New York to Abusia Avisa.

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Speaker 1: Is that how you pronouncing? It's a very routine flight

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Speaker 1: because I think you and I need to do some

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Speaker 1: market research here. Yeah, we're gonna find a lot of

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Speaker 1: a lot of traders there, New York, Abisa. It's it's recently,

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Speaker 1: it's where you want to go, m but maybe where

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Speaker 1: Thomas Jordan's wants to go. He is, of course the

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Speaker 1: president of the Swiss National Bank. Um, Jane. He has

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Speaker 1: done and and his predecessors have done everything humanly possible,

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Speaker 1: it seems to try to keep their currency from uh

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Speaker 1: just going overboard. Um and they they've gone up, they've

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Speaker 1: gone down, and uh with with their their I'm buying

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Speaker 1: to try to influence the currency, and it's just that

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Speaker 1: they're just being overwhelmed. If we get Brexit, is there

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Speaker 1: any hope for the Swiss? No? You know what, if

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Speaker 1: we get a Brexit, then I think that there will

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Speaker 1: be a huge third in demand for the Swiss Frank. Now,

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Speaker 1: if we look back to to last summer. Then that's

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Speaker 1: of course when the Chinese stock market bubble burst, and

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Speaker 1: of course then we had some movement into safe haven.

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Speaker 1: Now you could argue that the Swiss Frank didn't perform

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Speaker 1: that well compared with some other safe haven so maybe

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Speaker 1: they're the Swiss did have a little bit of success

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Speaker 1: with their policies and and steering away some of the

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Speaker 1: safe haven flow. But given that a Brexit would be

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Speaker 1: European oriented, I do think that the Swiss Frank is

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Speaker 1: in the front line really in terms of the investors

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Speaker 1: trying to buy an alternative non EU European currency. Now

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Speaker 1: you could say, what about the Danish crona, what about

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Speaker 1: the Norwegian credit? But of course liquidity is something which

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Speaker 1: those currencies don't have. So I think inevitably we we

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Speaker 1: dropped on euro at Swiss we dropped we need quite

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Speaker 1: hard and then they could perhats cut right, So let's

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Speaker 1: brain this for mere mortals. Jane Foul, you mentioned Dannis crona.

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Speaker 1: I featured euro Danish corona all week, which is two

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Speaker 1: standard deviations strong Danish looking back fifteen years. I mean,

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Speaker 1: are these adjacent sees, these oddities within Europe? I agree

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Speaker 1: with Mike nothing is more profound is the euro Swiss

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Speaker 1: example of sort of the litmus paper that someone like

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Speaker 1: you sees off your desk. I just modeled Euroswissy and

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Speaker 1: it's two point six standard deviations strong Swiss in the

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Speaker 1: last five days. That can't continue. Would you suggest we

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Speaker 1: could see the drama of that January long ago where

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Speaker 1: the Swiss just said enough. Well, I think the drama

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Speaker 1: last January was just probably a once in a career move.

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Speaker 1: I mean that was huge, and at that point of

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Speaker 1: course they walked away from that one four which they

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Speaker 1: have been protecting. Now they're not protect in the floor anymore.

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Speaker 1: But yes, they have been intervening in order to moderate

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Speaker 1: the games, in order to turn tease euro Swiss higher.

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Speaker 1: And actually this year you could say, well the Swissy

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Speaker 1: was performing relatively well. It weakened a little bit in February.

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Speaker 1: We can still the highest level Swiss since that movement

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Speaker 1: last January. But you know, in in in an event

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Speaker 1: like a Brexit, I don't think it's going to be

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Speaker 1: easy for the the Swiss authority to stand in the

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Speaker 1: way of Swiss buying Mike the euros Swiss for those

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Speaker 1: are keeping score folks, we go to five digits. When

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Speaker 1: we're talking Euroswissy one point zero eight nine five seven

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Speaker 1: three standard deviations. Strong Swiss is one point zero eight

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Speaker 1: five four one. That's how close we are, Mike to

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Speaker 1: a three standard deviation move. Four people just drove off

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Speaker 1: the Garden State Parkway. But that's the kind of stuff

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Speaker 1: pros and look at with their bloombergs when they look

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Speaker 1: at these tensions. Obviously, Um, if you know, if if

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Speaker 1: for your scenario comes to pass, Jane, you're going to

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Speaker 1: have people calling rabble bank and saying, you know, buy

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Speaker 1: me some of them Swissies. Uh, you've got a model.

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Speaker 1: Then how the Swiss National Bank might react if if

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Speaker 1: they're not going to walk away that was a once

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Speaker 1: in a lifetime move, then what could they do that

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Speaker 1: would have an impact? Yeah, they can raise rates, but

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Speaker 1: you know, move rates around. But but but is that

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Speaker 1: really gonna matter? No? And that's a problem. And I

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Speaker 1: think this is a problem that this authorities have been

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Speaker 1: scrappling with really since the nineties safe haven flows, intermittent

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Speaker 1: safe haven flows, and again more recently, of course it's

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Speaker 1: the Greek crisis and that that really pushed into their

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Speaker 1: performant to their minds that the problems that they have

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Speaker 1: with safe Haven. If we look at the Swiss frank

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Speaker 1: on almost any measure, it's very overvalued. Now this is economy, well,

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Speaker 1: it just about grew in the first quarter, but certainly

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Speaker 1: for exporters, it's the last thing that they would want

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Speaker 1: to see, that the Swiss Franc strength. And everybody knows this,

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Speaker 1: and yet there's to be very little that they can

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Speaker 1: do now. I think most of all they we just

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Speaker 1: intervene more. I think that's the first defense that they

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Speaker 1: would have if we dropped to say one oh five

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Speaker 1: and euros with they make up rates again. But of

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Speaker 1: course they've already got negative interest rates. We know the debates,

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Speaker 1: we know the question marks about negative interest rates, and

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Speaker 1: and how far could they go into negative territory. We

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Speaker 1: know it couldn't carry on. So I think we would

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Speaker 1: almost inevitably have more Swiss strength. The best case scenario

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Speaker 1: for them would be, of course, of a main vote

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Speaker 1: for the UK, and of course the other thing that

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Speaker 1: they want is more normalization in European economy. Jane Folly,

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Speaker 1: what short short, short, short term paper market do you

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Speaker 1: look at to show the oil within the engine, the

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Speaker 1: smoothly running engine, we used to look at libor or

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Speaker 1: library o I s are long ago the TED spread folks,

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Speaker 1: which has nothing to do with TED technology speaking, what

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Speaker 1: do you look at when you come in in the

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Speaker 1: morning and you crank up the mouse and the bloomberg

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Speaker 1: and you look at short term paper? What is the

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Speaker 1: indicator do your Well? I am looking at volatility, particularly

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Speaker 1: in Sterling right now, and of course over the last

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Speaker 1: two weeks we've seen a massive peak in in volatility,

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Speaker 1: massive move higher in volatility in Sterling. Perhaps you know

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Speaker 1: that's to be expected, but but really how far can

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Speaker 1: this go? And how far can that volatility extend across

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Speaker 1: other safe havens? And again that's because the Brexit question

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Speaker 1: mark is not just about the UK, it is, okay,

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Speaker 1: does that volatility quickly? Does that volatility suggest the direction

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Speaker 1: of Sterling? Are you preparing for a one nine? I

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Speaker 1: think I think Cable could drop black a stone if

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Speaker 1: we do get that. That that's that Brexit vote. But

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Speaker 1: of course the Euro would come under some pressure as well,

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Speaker 1: not as much as Sterling, but certainly under some pressure

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Speaker 1: too because of the question marks over the occurrence of

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Speaker 1: the EU in Main and Europe. One last quick question

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Speaker 1: is there as out of all this and concerns, is

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Speaker 1: there a dollar shortage developing out there seems to be

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Speaker 1: when you look at the cross currency swaps spreads, I

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Speaker 1: think you know that the dollar is certainly going to

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Speaker 1: be favorite, the dollar the end the Swiss Frank if

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Speaker 1: we did, if we were to get that Brexit uncertain

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Speaker 1: to vote coming through, certainly the dollar would be favored.

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Speaker 1: But then of course we moved towards November, and then

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Speaker 1: we've got to start question yourself, do we get political

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Speaker 1: risk in the dollar And it's so again that could

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Speaker 1: change the dynamic as well. Jane Folly, thank you so much,

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Speaker 1: greatly appreciate it. With RAB Mike, somebody said the nicest

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Speaker 1: things about Jane Foley today really, which is one of

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Speaker 1: our listeners. When she's on. When she's on, things are clearer.

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Speaker 1: So we thank Saint Jane for coming on today and

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Speaker 1: saving you and me but providing clarity here. And she said, folks,

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Speaker 1: and you know, we don't have a call on Brexit

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Speaker 1: to say the least remains. I have no idea, but

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Speaker 1: a one zero zero is a good benchmark as we

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Speaker 1: look at polling that may move that statistic over the

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Speaker 1: next week. Are we flying first class? Are we flying coach?

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Speaker 1: I'm so far in the rear of the airplane. I'm

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Speaker 1: just checking. I am, I am bad. When we go

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Speaker 1: over for Brexit, I am so far in the back

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Speaker 1: I don't even think I get a walk Walker's biscuits

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Speaker 1: Bloomberg Surveillance